Businesses need to adapt to new models, unconventional thinking: Munjal
21/02/2022
new delhi, feb 21: Organisations need to adapt to new models and unconventional thinking going ahead as a volatile and uncertain environment has undermined the effectiveness of traditional ways of operating businesses, Hero MotoCorp Chairman and CEO Pawan Munjal said on Monday.
Munjal, who is the recipient of this year's AIMA JRD Tata Corporate Leadership Award, noted that the COVID-19 pandemic and the resultant unprecedented challenges and uncertainties in the supply chain call for sea changes in operating procedures. In the recent past, the incredibly volatile and uncertain environment has undermined the effectiveness of long term forecasting and traditional strategic planning. The change in the world ecosystem has been disruptive, pushing people, organisations and economies to the brink. Thus, achieving goals now requires a sea change in our models of operations, Munjal stated in his keynote address.
The veteran industry leader noted the ability to thrive in uncertain times requires unconventional thinking and calculated risks, including delivering difficult or unpopular decisions.
In the current scenario, where uncertainty characterizes ties, economic and social structures, it is a race for organisations to move away from the traditional approaches of strategy and adopt evolved models, Munjal said. He noted that global political unease, commodity and supply chain disruptions, health concerns and innovations were adding to all the global uncertainty. "..Leaders, public and private, need to develop balanced strategies to ensure growth and stability in the future," Munjal said.
He further said: Another very crucial aspect in today's world is that not only is it changing faster than ever before, but it is also far more complex than the past.
The geopolitical situations around the world mixed with fast-evolving consumer behaviour and rapid technology advancements have seen even new-age companies losing prominence as quickly.
Since uncertainty is perceived as a threat, usually individuals, as well as large groups, get into survival modes, Munjal said.
In the past, we have seen public and private enterprise perishing in survival mode. However, uncertainty also brings with it endless opportunities, even though it may be counterintuitive to human nature...uncertainty also often gives rise to new undiscovered needs, he stated.
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